1987-03-16 - Resolution 1987-10 - AUTHORIZING THE EXECUTION OF A MUNICIPAL SERVICE REIMBURSEMENT AGREEMENT BTWN VBG AND THE BUFFALO GROVE TOWN CENTER PARTNERSHIP, AN IL LIMITED PARTNERSHIPRESOLUTION NO. 87- 7O
A RESOLUTION AUTIIORIZING THE EXECUTION OF A MI'NICIPAL SERVICE
REIUBURSEUENT ACREEMEM BETI{EEN TIIE VILLAGE OF BUFFATO GROVE
AND THE BUTTALO GROVE TOWN CEMER PARTNERSHIP,
AN ILLINOIS LIUITED PARTNERSEIP
WEEREAS, the Vlllage of Buffalo Grove forrnally deslgnated the area
comonly knom as the Torrn Center aa a tax lncrement flnanclng a?ea on
Novenber 6, 1986, and
WIIEREAS, durlng the perlod betteen the establishnent of the tax
lncrement flnancing area and lts dlssolutlon all excess real property and
aales taxea w111 be dlrected towa"d debt servlcLng rather than for the
payment of nunlclpal servlces of a corporate nature, and
IIHEREAS, the v1llage n111 be requlred during the perlod of the tax
lncre[eflt flnanctng area to provide a wLde range of corporate servlces for
the beneflt of the tax lncrement flnanclng area such as pollce, flre and
general government that rrlll, not be recovered wlth the above revenue flow,
alld
WEEREAS, the developer of the Torrn Center desires to reimburse the
Vlllage for 1ts dlrect servlce costs untll the time as the Vl11age beglns to
recelve any lncremental sales or real property tax revenue fron the Town
Center.
NOW, TIIEREFORE, BE IT RESOLVED BY TEE PRESIDENT AIID BOARD OF TRUSTEES OT
TIIE VIILAGE OF BUFTALO GROVE, COOK AND I.AKE COI'NTIES, ILLINOIS thAt:
SECTION 1. The Village Presldent and Vlllage Clerk are hereby
authorlzed to execute on behalf of the Vlllage a llunicipal Servlce
Agreement attached to thls Resolutlon as Exhlbit A.
SECTION 2. Ihe terms and condltions of the Munlclpal Servlce Agreement
EIil[I-TE-ro full force and effect untll that tine that the tax lncrement
flnanclng area is either fornally dissolved or lncremental real property
and sales taxea becone avallab1e to fund rnunlelpal services of a
corporate nature.
AYES: 4 - MARIENTHAL, GLOVER. REID, KOWALSKI
2 - O' RETI,f,Y . SHTEf ,DS
APPRoVED: l4atch 16
ABSENT:
PASSED:
ATTEST:
Itarch 1 6 1987.
1987,
v Pres
v er
NAYES: 0 - lvcxe
O-,I"M .&J,''.-...,
EXHIBIT,'A''
MUNICIPAL SERVICE REIMBURSEMENT AGREEMENT
Thls Agreenent ls made and entered lnto as of the 15th day of Mareh,
1987, by and between the Vlllage of Buffalo Grove, a nunlclpal corporation
(the I'Vlllage"), and Buffalo Grove Town Center Partnershlp, an llIlnols
Llnlted Partnershlp (the "Developerrr).
S'ITNESSETH
TIIAT, WHEREAS, the V1l1age has deslgnated lts Town Center for tax
lncrement flnanclng (ttTIFt') redevelopnent, as permltted by Illlnois law, and
WIIEREAS, Developer desires to reLmburse the Vl11age for such costs urtll
such tlme as the Vlllage beglns to recelve addltloEal real property and local
sales tax revenue from Town Center.
NOW, TITEREFORE, the partles hereby covenant and agree as follows:
1. Term. Thls Agreernent and Developerrs obllgatlons hereunder shal1
comenee at such tlne as construction conmences on the Town Center project,
and shal1 terminate at such tiEe as the Village comences to receive pa)rments
of real property and 1ocal sales taxes 1n excess of the amounts of such tax
tevenues recelved by the ViJ-lage for the tax Lncrement base year of 1985 fron
and wlth respect to real property and buslnesses wlthin the TIF Redevelopment
Project Area,
2. Deposlt. At the commencement hereof, as descrlbed ln paragraph 1, the
Developer shall deposlt wlth the V11lage the sum of $130,000, out of whlch
the charges descrlbed ln paragraph 3 shall be pald, Thls Deposlt sha11 be
teplenlshed on each annual annlversary of the origlnal deposit and brought
back to lts orlglnal $130,000 level, wlth the result that any unused portLon
wtll be carried forward from year to year. Provided, that, in the event the
Deposlt balance at any tlne falls below $50,000, Developer shall replenlsh
and nnaLntal-n the deposlt at no less than $50,000 untll the next annual
replenlshment takes place.
3. Charges. The followlng costs shall be relmbursed to the Vlllage out
of the Developer deposlt, not to exceed a total of $I30,000 per year.
B. Pollce Protectlon. The charge for pol1ce protectlon services shall, be
$I01.97 per lncldeflt wlthln the Town Center Redevelopment Project Area,
payable nonthly. Each pollce call shall count as at least one lncldent. If
a call involves more than one vlolatlon of law (e.g. bank robbery and
kldnapplng), such call shall result ln more than one lncLdent. The lncldent
reports shall be kept ln the same way as normally done by th Pollce
Departnent .
WHEREAS, during constructlon and for some perlod thereefter the Vlllage
wlll be requlred to provide police, flre and other Eunicl-pal servlces to Tovn
Center, wlthout recelvlng additlonal real property or loca1 aales tax revenue
fron such property to pay for such additlonal costs, and
A. Flre Protectlon. The charge for flre protectlon servlces shal1 be
$i0,000 pei-Frt, prfi ie annually.
C, Other Munlclpal Services. Any other rnuniclpal servlces provlded to
Developei E, tEa Villaga (9..g. ".,o, plolrlng, anbulance service, emergency
utllLty repalr), lf provided at Developerrs request or if necessary, ln the
Judgrnent of the Vlllage, to deal wLth an i-mlnent publlc hazard, shall be
bllled at the Vlllagers normal rate for the sane servlce, payable nonthly.
D. Admlnlstrative Costs. Mlscellaneous administratlve costs of the
Vlllage ln connectlon rrlth the project, not to exceed $3,000 per year, sha1l
be bllled and pald nonthly.
4. Deposit Account. The Develo perrs Deposlt shall be kept in a separate,
lnterest bearlng account of the V111age. Interest earned on the Deposlt
shal1 stay 1n the account for the beneflt of the Developer to be used for
account purposes as descrlbed in thls Agreenent. The Vlllage shall lnvest
the account funds as other Vlllage funds. At the termlnation of this
Agreement, any balance ln the Deposlt shal1 be refunded to the Developer.
5, Audlts/Reports. The villa ge sha11 provlde the Developer wlth
quarterly operatlng statements of the Deposit account and an annual account
audlt by Vlllage staff. Developer has the rlght to exanlne the Vlllage flles
and records, relatlng to the Deposlt account and relnbursement clalms made
against such account durlng nornal Vlllage buslness hours on 24 hours prlor
written notLce to the Vl1lage fron Developer.
IN WIINESS WHEREOF, the partles have caused thls Agreenent to be duly
executed as of the day and year flrst herelnabove wrltten.
The Vlllage of Buffalo Grove, Illlnols
ATTEST:By:
fY\. S;1,;
Verna L. Clayton
Village Pre s lden t
v11 Cl-erk
Buffalo Grove Tovn Center Partnershlp,
an Illlnols Linlted Partnershlp
By:
Randolph L.rthy,
Vice PresLdent, BGI, Inc., as
General Partner of Buffalo Grove
Assoclates, an Ill1nois Llnlted
Partnershl-p, as General Partnerof Developer
ecre ary
ATTEST:
Asst.
BGI, Inc.
,
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